Wednesday, 1 February 2017

Highlights of Union Budget 2017-18

Highlights of Union Budget 2017-18

1. All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board: FM
2. 10% Surcharge on individuals with income between 50 lakh to 1 Crore: FM
3. Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue: FM
4. A single one-page form for filing IT returns for taxable income up to 5 lakh rupees: FM
5. Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent: FM
6. Time period of revising tax return to be reduced to 12 months: FM
7. Amendment to RBI Act proposed to enable electoral bonds: FM
8. Political parties will be entitled to receive donations in cheque or digital payment, every political party to file IT returns: FM
9. Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now: FM
10. Maximum amount of cash donation a political party can receive to be 2000 rupees from any one source: FM
11. Computer emergency response team to be established Cyber security: FM
12. Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%: FM
13. Basic customs duty on LNG to be reduced from 5% to 2.5%: FM
14. Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector: FM
15. To make MSMEs more viable, income tax for smaller companies to be reduced: FM
16. Profit linked deduction available to Startups for 3 years out of 5 years will be available for 3 years out of 7 years
17. Capital gains tax to be exempted,for persons holding land from which land was pooled for creation of state capital of Telangana: FM
18. Thrust in budget are affordable housing, promote digital economy, bringing transparency in political funding: FM
19. We are committed to make our taxation rate reasonable,our tax admin more fair & expand the tax base of the country: FM
20. Only 1.72 lakh people show income above Rs 50 lakh: FM
21. 1.5 crore people show income between Rs 2.5-5 lakh; 52 lakh people between between Rs 5-10 lakh; 24 lakh above Rs 10 lakh: FM
22. 5 special tourism zones,anchored on SPV, to be set up; Incredible India II campaign to be launched across the world: FM
23. Revenue Deficit target at 1.9% of GDP: FM
24. Govt to commemorate Champaran Satyagraha centenary: FM
25. Fiscal deficit pegged at 3.2 percent of GDP: FM
26. Aadhar-enabled payment system AadharPay to be launched: FM
27. Defence allocation of Rs 2.74 lakh crore: FM
28. Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country: FM
29. Total allocation for infrastructure in Budget for Better India stands at a record level Rs 3,96,135 crore in 2017-18: FM
30. State run companies like IRCON and IRCTC to be listed in markets: FM


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